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- You hadn't heard from Rita for a couple of years but have just received an e-mail asking for some further assistance. Perfect Cover Insurance Brokers is doing well with Assets - 262,000 Liabilities - 119,000 Equity - (Rita) - 143,000 Rita has been considering going into Partnership with two of her cousins, Frederika and Rose. The two cousins have $75,000 each they wish to invest in the business and Rita has agreed to give them each a 25% ownership share for their contribution. Rita will retain the other 50% ownership based on her contribution of equity from the business. Before deciding to go ahead with the partnership, Rita is trying to work out what impact it may have on any profit she makes. In the next 12 months, Rita predicts she will make a profit of $42,000. After discussing it with her cousins they have agreed any profits will be split based on their ownership percentage (Rita - 50% and Frederika and Rose - 25% each) but that Rita would be paid a salary of $25,000 for running…Carlo runs a butcher shop, Carlo Angus MNL, in Manila. Jamie, a close friend who lives in Makati, wanted to put up another Angus store in Makati on May 1, 2022. They agreed to form CABLES Partnership where Jamie will invest cash so that she can have a 40% interest in the partnership. On April 30, 2022, Carlo Angus MNL had the following account balances: DEBIT CREDIT Cash 200,000 Accounts Receivable 150,000 Inventory 100,000 Accounts Payable 85,000 Carlo, Capital 365,000 Carlo and Jamie agreed on the following conditions: 1. An allowance for doubtful accounts worth P30,000 is to be established; and 2. Inventories must be valued at their current replacement cost of P95,000. How much is Jamie's investment in the partnership?Ahmed for Mujeeb Leasing for several years. Muscat Leasing is a company that leases high-tech medical equipment to hospitals. Ahmed for Mujeeb have decided that, with their financial expertise, they might start their own company to provide consulting services to individuals interested in leasing equipment. One form of organization they are considering is a partnership. If they start a partnership, each individual plan to contribute OMR50,000 in cash. In addition, Ahmed has a used computer that originally cost OMR370, which he intends to invest in the partnership. The computer has a present market value of OMR150.Although both Ahmed for Mujeeb are financial wizards, they do not know a great deal about how a partnership operates. As a result, they have come to you for advice. What type of document is needed for a partnership, and what should this document contain?
- Suppose you form a legal partnership with your best friend, and she purchases consulting services calling for a $100,000 fee. Your business is broke, and you never wanted the consultants to work for you-only your partner did. For how much of this debt are you legally liable? O a. The proportion reflected by the proportion of the business owned O b. Only an amount equal to the assets of the business O c. All of the $100,000 O d. $50,000 O e. $25,000KATY, a sole proprietor wanted to expand her profitable business but she does not have enough resources. So, she thought of inviting PERRY to join her and formed a partnership on April 1, 2020. Just before admission, KATY had the following assets and liability accounts: Cash - ₱420,000; Accounts receivable -₱380,000; Inventories -₱250,000;Notes payable -₱100,000. PERRY agreed to contribute cash equal to 30% of KATY’s capital after considering the following adjustments: (a) 2% allowance for bad debts should be recognized, (b) the inventories have fair market value equal to 120% of the balance. How much should Perry contribute to the partnership?A couple is about to get married. They decide to start a joint bank account to save for a house. They want to have an initial investment of $9,000. The first partner contributes $350 more than three-quarters of what the second partner contributes. How much does each partner contribute? Select one: a. P1 = $4,557.14, P2= $4,442.86 b. P1= $3,557.14, P2= $5,452.86 c. P1= $4,057.14, P2= $4,942.86 d. P1 = $5,057.14, P2= $3,942.86 e. P1= $5,857.14, P2 $3,992.86 W
- Which of the following scenarios would be considered an EXCEPTION to the rule that people on average make more money as they obtain higher levels of education? a.Julia graduates from a state college with a degree in business and is hired by an insurance company to sell automobile insurance. The company pays Julia an annual salary of $64,000. b. A college dropout starts a new social media technology company and sells the company and its new technology to a venture capital firm for $50 million dollars making him an instant multi-millionaire. c. Dan is a high school graduate and decides he does not want to go to college. He finds a full-time job loading and unloading trucks in a local warehouse that pays him $38,000 per year. d. A chemical engineer with a Ph.D. in biochemistry is paid $200,000 per year to develop new fuels for vehicles that have lower carbon emissions in the atmosphere.Review the following scenario: Scenario: Hart Nance and Jason Symington operate gift boutiques in shopping malls. The partners split profits and losses equally, and each takes an annual drawing of $80,000. To even out the workload, Nance travels around the country inspecting their properties. Symington manages the business and serves as the accountant. From time to time, they use small amounts of store merchandise for personal use. In preparing for his daughter's wedding, Symington took inventory that cost $10,000. He recorded the transactions as follows: Debit Credit Cost of Goods Sold $10,000 Inventory $10,000 Respond to the following questions and, if appropriate, include personal experience as part of your answers. How do you feel Symington should have recorded these transactions? Why? What are the ethical implications of Symington's actions?Sam Jones, Mary Adams, and Larry Brown have been talking about startingtheir own business for several years. Sam is an electronic repairman, Mary isa partner in a large law firm, and Larry is an excellent salesperson. Sam andLarry will work in the business on an equal basis. It costs $100,000 to startthis business. Sam has no money, Mary has $60,000, and Larry has $40,000.If they form a partnership, how would you recommend that they organize?
- Amy has received two offers from companies that she would like to work for. She has been given the following salary information: Company A: Total salary is $45,000 with two weeks' vacation a year, and medical benefits. Company B: Total salary is $35,000 with three weeks' vacation a year, medical benefits, and a matched fund 401K. Compare and contrast both offers looking at total compensation, which company offer would you recommend Amy take and why? HTML Editor B IUA A I E E = E E 回 P DT T 1 MacBook AirMary is taking out an amortized loan for $94,000 to open a small business and is deciding between the offers from two lenders. She wants to know which one would be the better deal over the life of the small business loan, and by how much. Answer each part. Do not round intermediate computations, and round your answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) A savings and loan association has offered her a 10-year small business loan at an annual interest rate of 10.6%. Find the monthly payment. (b) Her credit union has offered her a 10-year small business loan at an annual interest rate of 10.3%. Find the monthly payment. (c) Suppose Mary pays the monthly payment each month for the full term. Which lender's small business loan would have the lowest total amount to pay off, and by how much? O Savings and loan association The total amount paid would be $| less than to the credit union. O Credit union The total amount paid would be $| less than to…Brian and Sandy are forming a partnership. Brian will invest a truck with a book value of $11000 and a fair value of $13000. Sandy will invest a building with a book value of $30600 and a fair value of $42300 with a mortgage of $14000. What amount should be recorded in Brian’s capital account? $30600 $28300 $42300 $13000